Patience is a virtue that few possess. Especially in stock trading, patience is a virtue that will invariably make you a stress-free trader leading to rational decision making, which ultimately leads you to your financial goals.
If you do not have enough capital to start trading stocks, especially a short-term trading strategy like NSE-Trading, then have patience until you save enough to start trading. Having not enough starting capital is a sure way to loss-making using short-term trading strategies.
You want to safegaurd your captial or make profits but you are not sure whether you want to trade stocks, then have patience and go figure out what kind of investment strategies you are interested in or comfortable with. Internet is full of information, spend some time reading and understanding.
The most common thing I hear from novice traders is “..I missed the rising trend in the market last month, I have missed my only profit-taking opportunity…” or “..I do not want to go on holidays with my family next week, because I think there is a wonderful opportunity to take profits next week..”. My advice to them is have patience. Profit-taking opportunities will always be available. As long as stock exchanges and stock markets are in business, the profit-taking opportunities will always be available. If you missed the last month’s rising trend, so what?, there will be another in the future. Do not sacrifice your family life just for the sake of not wanting to miss a profit-taking opportunity. Spending time with family and friends is very valuable, and you may never get the opportunity to spend time with a loved one again (life is uncertain!). Profit-taking opportunities in the markets will always come, may be in the next month, may be in the next six months; you can be 100% certain that it will come but you may never get to spend quality time with loved ones again! Have patience, go for a holiday!
I would like to add another important point, opportunities to make profits and losses will always arise in the markets. When you are making profits don’t be over-confident and when you are making losses don’t be over-depressed! I can be 100% sure that, You, as an individual will make profits and losses. However, your goal should be to maximise your profits and minimise your losses.
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